Baron Oil PLC (AIM:BOIL) told investors it has successfully completed a site survey at its Chuditch-2 appraisal well location, in the Democratic Republic of Timor-Leste.
The survey concluded under the approved budget, the company added.
It confirms the location for the Chuditch-2 well, which is positioned some 286 meters from the initially planned site.
Well-site confirmation brings closer the company’s pivotal appraisal programme which promises to unlock the Chuditch development.
"The successful completion of the site survey, leading to the selection of an improved drilling target location with optimal seabed conditions, is another key milestone towards drilling the Chuditch-2 appraisal well,” chief executive Andy Butler said in a statement.
“We look forward to providing further announcements on the Chuditch project, including with respect to well planning, execution and drill funding, at the appropriate times.”
Baron’s team continues to prepare for its planned drilling programme – it is advancing planning work, including the well design, whilst talks are progressing to secure a rig contract for the project.
Talks are also taking place with potential funding partners to participate in the programme, alongside existing partners Timor GAP and state-backed ANP.